Rentals in 89183>Question Details

fred2089043, Renter in Las Vegas, NV

just got a letter posting the house im renting is about to be sold due to forclosure. what should I do?

Asked by fred2089043, Las Vegas, NV Sat Sep 28, 2013

I have been paying my rent on time and they have not told me anything.

0 votes Share Flag Rentals in 89183

Help the community by answering this question:

Answers

14
Good evening Fed,
You have hit one of my hot buttons.The information before me is almost correct in some cases. There are a few issues that need to be resolved before advise can be provided.

First I will guide you along the path of relaxation:

#1. Take a deep breadth, deeper, deeper, now hold it for 5 seconds, now exhale. Do it once again.
#2 DO NOT panic.
#3. Relax.
#4. Repeat #1, #2, #3 five times.

Nothing is happening quickly. Plan what you will do and then work your plan.

You need to know that there are Federal laws as well as State laws protecting you. The exact protection varies with the following:
Is your rental property a multi-unit complex?
Is the buyer at a foreclosure sale an investor or a person that wants to move into the property themselves?
Is the property sold or taken back by the bank as a REO (real estate owned)?
Do you have a current lease and was it started before or after the foreclose process started?
Did the existing "Owner" inform you that the property was in foreclosure (if it was) when you moved in?
Is your rent paid up to date?
Is it market rent?
Does your existing lease have less than 90 days to the end of the term?
Are you or any tenants using a government subsidized program (ie: Section 8) to assist with rent payments?
Are you and the existing tenants “bona fide” tenants under the Helping Families Save Their Homes Act of 2009? You would be surprised how many people are not considered "bona fide" tenants under the Helping Families Save Their Homes Act of 2009.

In any case, there is lots of missing information concerning your situation and as a result, suggestions to you can not be complete with up to date consistent information with the latest laws for both Federal and state.

Contact me and I will provide detailed information as where you stand, what you may want to do, what laws protect you and the occupants.

Call today and right now, as you have a short time line to start making informed decisions. You need expert suggestions on what to do and WHAT NOT TO DO immediately.

Call me quickly. You need to know the laws better than the Bank and purchaser.

We can also chat the process if you would like to purchase the property at the sale.


Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.

Realty One Group
The Brodkin Group
Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
http://www.teamgoldman.info
1 vote Thank Flag Link Sun Sep 29, 2013
talk to the bank ,they might give you a lease . if they don't can you buy your own ,call me I will help
you gualify for one. 702-461-4036
0 votes Thank Flag Link Sun Oct 13, 2013
Hi Fred! I know exactly how you feel! The same exact thing happened to us a few years ago. We had short saled our house and were renting. After the third notice of a Trustee Sale date on the door, the house actually sold at auction. We'd had a three year lease!
I need to disclaim here. I am a Realtor and this is my experience not legal advice.
If I can ever help you buy a house, let me know.
The first thing I suggest you do is to Google the Federal Tenant Protection Act and read it. Basically it says that as long as you are a tenant in good standing, your lease must be honored unless the new owner is going to live in the property and even though you must be given a 90 day notice.
So thing number one is to pay your rent. If the auction date is at the end of the month or the beginning of the month, I'd suggest going to the auction before paying but after your grace period, you can be evicted so stay current but I'd put as little monies at risk as possible.
We had Golden Property Management and they were snakes and tried to evict us even though they didn't manage the property anymore.Their owner was foreclosed on! They went to court 3 weeks after the auction! That's a whole different story but NEVER rent from them! They did not give us back our $4000 security deposit. They even kept the key deposit and pet deposit. Snakes.
So when our house sold at auction, the bank/Fannie Mae bought it / kept it and about 5 days later we had a notice on the garage door saying that Fannie Mae now owned our house and to call. We called after the weekend and they had to wait for paperwork to be processed and asked if we wanted to live in the property still. We said yes. They offered to lower our rent $500 a month to make our lease for just one more year instead of two. They required no security deposit. A couple of weeks later someone came to the house with paperwork and we signed a new lease. We went a month without a payment - maybe knowing our deposit was gone but they also put a clause that they would give us a month's rent as a moving consolation at the end of our lease. A year later up went the rent $800. We moved! Now 1 year and 8 months later this same exact house is still vacant. That's our government at work!
So as you can see Fred, it's probably going to be fine and it may even be better. You just need to try to cover yourself financially and try to be patient.
I hope hearing our story gave you some hope that things are going to work out for you. Feel free to give me a call anytime and I wish you the best!
Kurt
702-656-1818
0 votes Thank Flag Link Sat Oct 12, 2013
Team D'Ercole, Matt & Kim, Agent, Las Vegas, NV- I would say the last person they want to let in is the owner! They should let no one in the home till they know whats going on... if the owner comes in they don't know what they could do, and why should they come by now that they have let the home go to the bank and stole the security deposit from these poor people!
0 votes Thank Flag Link Sat Oct 12, 2013
Contact the bank or who's on the paper work... as a renter you do have rights and a lease they should hold to!

hope all goes well!
0 votes Thank Flag Link Sat Oct 12, 2013
Hi Fred2089043

I recommend that you follow the advice of my colleague from Realty One
Steven Goldman

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Tue Oct 1, 2013
You should give me a call at 702-491-9601 so I can explain your options in detail
0 votes Thank Flag Link Sun Sep 29, 2013
you have to move , but first call the bank and tell
them you have been renting that house ,see what they say, they should let you stay there
0 votes Thank Flag Link Sun Sep 29, 2013
Good Morning, Fred

Give me a call or text message...Reo/Bank Owned property specialist.

I can Help..

Thxs Robert S. Rice
Broker/Salesperson
Coldwell Banker Premier Realty
702-808-2605 / mrrobertsrice@yahoo.com
0 votes Thank Flag Link Sun Sep 29, 2013
If it is to be sold as a foreclosure, I would use the time available to find another property as quickly as you can. Hopefully, your home has a property manager and you can get your security deposit back. Many times the people who buy a foreclosure, want to remodel it and then they put it back on the market for sale. While everyone involved has to honor your lease, the stress of the situation becomes unbearable.
0 votes Thank Flag Link Sat Sep 28, 2013
1. Do not let anyone into your home other than property manager or owner by appointment.
2. If you have a lease you can stay till it ends but if sold at foreclosure, you may get a call or knock on your door asking you to move and they should offer you money to do so.
If you have any problems, or more questions here is my phone number and email address.

Matthew - 702.501.0973 / LasVegasMatt@gmail.com
0 votes Thank Flag Link Sat Sep 28, 2013
Deep breath! As long as you keep paying rent, even if the house is foreclosed upon, in Nevada you can stay through the duration of your lease. However, unless a property manager is holding your security deposit, you will not likely get that back.
0 votes Thank Flag Link Sat Sep 28, 2013
Hi, I am actually working with a client in this same situation right now. I need some more info but offhand, I can say that if you are under a lease, you are still technically obligated to fulfill it. Call or email me to give me more detail as far as your lease. Main thing is, don't panic and do not stop paying rent. You can reach me at 702-370-1072 or email at lauri365@aol.com.

Laura Bauer
Foundation Realty,LLC
702-370-1072
lauri365@aol.com

http://www.trulia.com/voices/profile/Real_Estate_Pro-Las_Veg…
0 votes Thank Flag Link Sat Sep 28, 2013
For now you can just keep paying your rent on time. If the house is sold at auction an investor may be the one who buys it and if you're already living there paying rent it might work out for everyone. If the house sells to someone who wants to occupy it, you will eventually need to move out and find another place to live. Check your lease and your states laws about this as well.
0 votes Thank Flag Link Sat Sep 28, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Nevada > Clark County > Las Vegas > 89183 > Rentals in 89183 > Question
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer